DNB Bank ASA and Nordea Bank AB, owners of Luminor business units in the Baltic States through a holding company Luminor Group AB, signed an agreement on 13 September 2018 with US based private equity firm Blackstone to sell majority stake in Luminor.
On 30 September 2019, Luminor and Blackstone announced the acquisition of a 60% majority stake in the bank by a consortium led by private equity funds managed by Blackstone. The bank’s current owners, Nordea and DNB, will each retain a 20% equity stake in Luminor.
Succeeding the transaction, the owners of the bank are Nordea Baltic AB, DNB Baltic Invest AB and Braavos BidCo Limited though holding company Luminor Holding AS.
Nordea and DNB will continue to support the bank with long-term funding, expertise and ongoing representation on the Supervisory Board. Additionally, Blackstone has entered into an agreement with Nordea to purchase their remaining 20% stake over the coming years.
Becoming one pan-Baltic financial services provider
On 19 February 2018, Luminor took the first steps to fill in prerequisites of the legal reorganization process by submitting a draft Merger Agreement to State Enterprise Register of Latvia and notifications to the Estonian Financial Supervisory Authority for branches opening in Latvia and Lithuania.
On 28 June 2018, Luminor received regulatory approval from the European Central Bank to carry out the cross-border merger.
On 2 January 2019, Luminor has merged its Baltic entities and finalized the legal integration with a central office in Estonia and branches in Latvia and Lithuania.
The change has simplified our legal structure and will ensure fully integrated, customer-centric Baltic banking operations.